New HMDA the Next TRID?

11/07/2017
Comments
  • I want to warn brokers NOT to sign up with Flagstar. They are not a good company to work with. They will come after you and cost you money. I closed a loan with them in 2006 when I was a dba of another company and evidently the borrower obtained more debt right before closing and Flagstar did not pull a credit refresh. Flagstar had to buy the loan back from Fannie and even though borrower still in house and making payments now; he was behind 5 years ago. The Flagstar lawyer filed suit for over $40,000 even though I was just a mortgage brokerage business working as a dba for a company that went out of business in 2010. I since incorporated in 2011 and am still just a mortgage broker; not a licensed lender. I am sure the attorney is just a scum bag ambulance chasing attorney, but I could not take the chance and had to hire my own attorney and we have negotiated a much smaller amount. I have not been signed up with Flagstar since 2010, but the Flagstar reps did not seem to care. So do NOT sign up with Flagstar.

    Richard Tillett November 7, 2017 9:03 am Reply

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